You are right

Posted By: Patti on 2005-12-01
In Reply to: And, does what you have hubby hold out extra count - Nyer

Like I have said, Uncle Sam does not care where the money comes from as long as he gets paid. You will be filing a joint return but will do a Schedule C for your business. You be taxed on combined income and credited with combined taxes paid throughout the year -- either quartely or through his job. They do not care who withholds or who pays as long as the taxes are paid. I did this for 15 years with my ex overwitholding and it worked great. Most of the time if and when we did owe, the penalty was quite small and so we paid it, under $50. So he is wrong. It is no different than if you were working as an employee and filed joint returns.

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Question for ICs - Meghan
- use this link - Snow Bunny
- Check into an SEP account!! - Nancy
  - are you saying - Snow Bunny
  - What an excellent idea - thanks! - Meghan
- No, this isn't too high. Maybe too low. We're in the - 33% bracket
  - And, does what you have hubby hold out extra count - Nyer
    - You are right - Patti
  - Oh yes. If you are penalized, you have to pay interest rates sm - x
- I am new to IC. - mtathome
- taxes - Patti
  - So you could end up getting more back at the end of the year - Meghan
    - deduct everything you can think of, electricity, phone, home office if you chose to, supplies, inter - Laura E.
      - Another problem with home office deduction - 33% bracket
        I can use the deduction now, and when old and ready to sell, hope sell price is high enough won't - sm
- about 25-33% for all US citizens as I know it....nm - it's really
- You have to remember that you have no employer sm - T
- Every quarter pay $1,000 to Uncle Sam and $200 to state. nm - Pay dem taxes

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